The FCA and PRA are inviting a new round of expressions of interest for its Scale-up Unit from banks, building societies and other eligible dual-regulated firms.
Alongside the programme's existing eligibility criteria, the regulators are widening access for building societies, recognising that "mutuals often pursue different growth pathways from banks".
The move follows the inclusion of Nottingham Building Society in the first group of Scale-up Unit firms, alongside a range of scaling banks, and aims to ensure mutuals can access the same tailored regulatory support as other growing firms.
The FCA and PRA are now inviting expressions of interest from building societies with credible growth ambitions, even where they may not meet every aspect of the standard eligibility criteria.
Participating building societies would be expected to have assets above £1bn and projected net interest income growth of more than 15% over a three-year period. This compares with the existing Scale-up Unit eligibility range of £3bn to £20bn in assets for banks and other dual-regulated firms.
The approach builds on commitments made in the FCA and PRA's joint mutuals landscape report, published in December 2025, which set out measures to support the long-term sustainable growth of mutuals through proportionate regulation, targeted support and ongoing engagement with the sector.
Sheree Howard, executive director of authorisations, said: "Mutuals play an important role in delivering competition, choice and value for consumers across the UK. We recognise that building societies often grow in different ways from banks, so we want to ensure ambitious firms can access the same support to navigate regulation, invest with confidence and pursue sustainable growth through the Scale-up Unit.
"The inclusion of Nottingham Building Society in the first cohort highlighted the value that tailored regulatory support can offer growing mutuals. By widening access to the programme, we're helping ensure building societies have the same opportunities to innovate, compete and grow as other firms."
